Shiba Inu on Verge of Price Tripling This Month, XRP Scores Highest Weekly Close of 2024, Key Reason Why Bitcoin Might Have Massive Q4: Crypto News Digest by U.Today

U.Today - Here are the top three news stories by U.Today from the past day.

Shiba Inu (SHIB) on verge of price tripling this month

Today marks the beginning of October, the much-anticipated month that is often called "Uptober" in the crypto community due to its reputation for potential positive price movements in the space. The "Uptober" excitement has not passed by SHIB supporters unnoticed, as historical data provided by CryptoRank suggests the dog-themed meme token could see a tripling of its price this month. Per the aforementioned source, SHIB has experienced an average return of 283.4% during October, with a median return exceeding 10%. In October 2021, the token saw its price surging by 833%. While predictions in the crypto space can be uncertain, recent Octobers have been positive for SHIB, leading to speculation of a repeat in 2024. If the anticipated surge occurs, SHIB could reach a high of $0.000075, a level not seen since its earlier days.

XRP scores highest weekly close of 2024, Will SEC spoil this rally?

As reported by Blockchain Backer X account, XRP achieved its highest weekly close of the year, ending Sunday above the $0.64 level on the Binance exchange. Per CoinMarketCap's current data, the token is changing hands at $0.601, with its market cap of $33.9 billion bringing it to seventh place in the top cryptos. This milestone is seen as a significant victory for bulls, especially after struggling to break the $0.60 resistance level following an August court ruling in the Ripple case. Despite the recent gains, the community is concerned about the approaching Oct. 6 deadline, when the SEC may decide to appeal the July 2023 summary judgment. If such an appeal occurs, it could negatively impact XRP's price, although any ruling changes are expected to take time, potentially not occurring until 2026.

Key reason why Bitcoin might have massive Q4

After demonstrating an impressive recovery in September, Bitcoin may be on track to record significant gains in the fourth quarter of 2024. According to analyst Eric Crown, whenever Bitcoin closes September in green, it ends up enjoying a positive fourth quarter. Per Crown's calculations, the average return for such quarters currently stands at 170%. Despite reaching a peak of $66,508 on Friday, Bitcoin experienced a dip, starting the new week around the $64,000 mark, although it remains up over 8% for the month. Glassnode's on-chain analyst James Check has noted that Bitcoin's market momentum is now neutral across multiple time frames, showing a strong correlation with gold and equities, which are also performing well.

This article was originally published on U.Today